Mumbai: The Nifty on Wednesday closed at a record high of 22,753.8, up 0.49 per cent or 111.1 points.
“The Nifty formed a high wave type candle on Wednesday and ended at a record closing high. However, the volumes in cash markets have not recovered to earlier levels despite the new highs. The broad market is seeing some participation, though yet not at earlier levels. The Nifty could now stay in the 22,529-22,775 band for the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Barring pharma and auto, all sectors ended in the green. Oil & gas, PSU banks, FMCG, and metals were the top gainers, up more than 1 per cent each, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Meanwhile, the Bank Nifty also touched a record high on Wednesday at 49,057, supported by a rally in PSU banks.
The markets would take cues from its global peers as the US will release inflation data late on Wednesday along with the Fed meeting minutes. Also, the ECB interest rate decision will be announced on Thursday.
As per Asit C. Mehta Investment Intermediates, the Indian equity market opened on a gap-up note, buoyed by strong global cues.
The broader indices ended positively, with gains led by the smallcap and midcap stocks. Media, oil & gas, metal, FMCG, PSU banks, and IT stocks witnessed buying interest, while the pharma sector remained under pressure, the report said.
–IANS